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19.08.2009: INVITATION AND AGENDA OF THE SPECIAL GENERAL MEETING OF SHAREHOLDERS AND PROPOSALS MADE AT THE MEETING AND EXPLANATION

INVITATION AND AGENDA OF THE SPECIAL GENERAL MEETING OF SHAREHOLDERS AND
PROPOSALS MADE AT THE MEETING AND EXPLANATION

Dear Shareholder of Arco Vara AS,

Arco Vara AS (registry code 10261718; located at Tallinn, Jõe 2B) shareholders special general meeting will take place on August 27th 2009 at 9:00AM in
Tallinn, Narva str. 7C, at the Reval Hotel Central room Studio III.

The agenda of the general meeting:
1. Amendment of the article of association
The Supervisory Board hereby makes the shareholders the proposal to amend clause 4.1. in the article of association as following “The Management Board of
the Company consists of 1 (one) to 5 (five) members elected for three years. Repeated electing of the Members of the Management Board is allowed.“ In
conjunction with the amendments in current clause the new wording of article of association should be adopted.

Materials of shareholders special general meeting of Arco Vara AS are available through internet website of Arco Vara
http://www.arcorealestate.com/en/investor-info or at the office of Arco Vara AS in Tallinn, at Jõe street 2B, on workdays from 9:00AM till 5:00PM.
Questions about the items on the agenda can be sent by e-mail to yldkoosolek@arcovara.ee. All questions and answers will be made public on the Internet website of Arco Vara AS.

The list of shareholders entitled to participate at the annual general meeting shall be determined at 11:59PM on day immediately prior to the meeting.
Registering to participate in the meeting will convene at 8:30AM on August 27th 2009.

To register, we kindly ask shareholders to present an ID document and the representative of the shareholder additionally to present also a signed Power
of Attorney or documents validating representation.

Explanation
In order to adapt the management structure of Arco Vara AS to the decrease in the group's business volume and save expenses, the management structure of the
company should be changed and the number of members of the parent company's Management Board reduced. Upon approval of the respective amendments in the Articles of Association by the general meeting, two members of the Management Board, Heigo Metsoja and Veiko Taevere, will be considered recalled. Both of
them will continue working at Arco Vara Group.

Kind regards,

Lembit Tampere
CEO
Arco Vara AS
phone: +372 614 4630
lembit.tampere@arcovara.ee
http://www.arcorealestate.com/